"It's a monetary problem we have. We have a dollar crisis coming, a bond market collapse coming," Schiff told CNBC. "I think it will end the year higher than it is today, and I think it's ultimately going a lot higher."

"We have a dollar crisis coming, a bond market collapse coming, and gold is going to be a safe haven from all of that," he explained, noting that the government might even seize gold, although it is not likely.

"Right now, my view is a very, very minority view — very few people agree with me," Schiff argued. "By the time that the majority agrees with me — and they will eventually — the gold price is going to be up in the stratosphere."

Although most analyst are not predicting such a huge increase gold prices, Citigroup analyst Tom Fitzpatrick believes gold could double in price, rising to $3,500 an ounce in a few years.

"We believe we are back into that track where gold is the hard currency of choice, and we expect for this trend to accelerate going forward,” Fitzpatrick told the King World News blog. "We still believe that in the next couple of years we will be looking at a gold price of around $3,500."

Fitzpatrick cited historical and technical reasons for his prediction.

"If you look at the long-term uptrend in gold since the base was established in 2001, the reality is that the moves have actually been very steady on the topside, which is also why it’s been such a strong trend," he stated.

He also cited "event-driven risks" such as volatility in financial market and conflict in the Middle East.

Dennis Gartman, founder and publisher of The Gartman Letter, is also bullish on gold. War in Syria is one reason why gold will increase, he told CNBC.

"There was more going on in the gold market than Syria," he said. "But clearly the Syrian circumstances have the bid more aggressive than it might have been.

"Buy gold and sell euros. That's probably going to be the better trade at this moment now."